Vistra (NYSE: VST) is a leading Fortune 275 integrated retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce, and communities. Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. The company brings its products and services to market in 20 states and the District of Columbia, including six of the seven competitive wholesale markets in the U.S. and markets in Canada and Japan, as well. Serving nearly 4.3 million residential, commercial, and industrial retail customers with electricity and natural gas, Vistra is one of the largest competitive electricity providers in the country and offers over 50 renewable energy plans. The company is also the largest competitive power generator in the U.S. with a capacity of approximately 39,000 megawatts powered by a diverse portfolio, including natural gas, nuclear, solar, and battery energy storage facilities. In addition, Vistra is a large purchaser of wind power. The company owns and operates the 400-MW/1,600-MWh battery energy storage system in Moss Landing, California, the largest of its kind in the world. Vistra is guided by four core principles: we do business the right way, we work as a team, we compete to win, and we care about our stakeholders, including our customers, our communities where we work and live, our employees, and our investors. Learn more about our environmental, social, and governance efforts and read the company’s sustainability report at https://www.vistracorp.com/sustainability/.
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Vistra is led by a team of industry veterans with expertise across all areas of the energy and retail businesses, including a board of directors with a diverse set of experiences providing oversight and governance.
Curtis A. “Curt” Morgan
chief executive officer
president and chief financial officer
senior vice president of government affairs
senior vice president of regulatory policy
Scott A. Hudson
president of Vistra Retail
executive vice president and chief administrative officer
Stephanie Zapata Moore
executive vice president and general counsel
executive vice president and chief commercial officer
chairman of the board
Hilary E. Ackermann
chair of the sustainability and risk committee
chair of the compensation committee
Paul M. Barbas
chair of the nominating and governance committee
chair of the audit committee
Prior to joining Vistra, Morgan was an operating partner at Energy Capital Partners, a private equity firm focused on investing in North America’s energy infrastructure. He joined the firm in 2015 and was involved in all areas of the firm’s investment activities, with a particular emphasis on origination, diligence and portfolio company governance and oversight, across all of Energy Capital’s sectors of investments.
During his 35-year career, Morgan has held leadership responsibilities in nearly every major U.S. power market. Prior to joining Energy Capital, he served as the president and CEO of both EquiPower Resources Corp. and FirstLight Power Resources, Inc. He recently served as a director of Summit Midstream General Partner at Summit Midstream Partners. He has also held leadership positions at NRG Energy, Mirant Corporation, Reliant Energy and BP Amoco.
Morgan serves on the board of directors and is currently chairman of the Electric Power Supply Association, the competitive power generation industry organization, and on the board of Comp-U-Dopt, a non-profit providing technology access and education to underserved youth. He has previously served on the boards of Summit Midstream and Prevent Child Abuse Georgia.
A certified public accountant, Morgan received a bachelor’s degree in accounting from Western Illinois University and a master’s of business administration in finance and economics from the University of Chicago.
Jim Burke, president and chief financial officer: As president and chief financial officer of Vistra, Burke has broad responsibility for the company’s accounting, risk, internal audit, treasury, tax, planning, M&A, and investor activities, along with overseeing the critical technology services function.
Burke previously served as chief operating officer of Vistra from 2016 until December 2020, with overall responsibility for running the day-to-day operations of the company, including fossil generation and mining, nuclear generation, and renewable and storage assets. He was also responsible for the retail business and other functions including, safety, supply chain, and asset closure. In addition, he was responsible for the development of renewable energy and battery storage projects, on both new and redeveloped sites.
He also previously served as chairman and CEO of TXU Energy, the leading competitive retailer in Texas and a subsidiary of Vistra and its predecessor company, Energy Future Holdings. Burke led TXU Energy from August 2005 to October 2016 after joining in late 2004 as senior vice president of TXU Energy’s residential markets.
Burke has worked in the retail electric market since 2001 in both the residential and commercial segments. Prior to joining TXU Energy, Burke was president and chief operating officer of Gexa Energy, a Houston-based retailer that was subsequently acquired by FPL in 2005. Prior to Gexa Energy, Burke was vice president of residential marketing then senior vice president of consumer operations with Reliant Energy.
Prior to his experience in competitive electricity markets, Burke worked at The Coca-Cola Company for six years, both domestically in the juice division of The Minute Maid Company and internationally in the expansion of the juice business through Coca-Cola Bottlers in Latin America, South Africa and Hong Kong. Prior to Coca-Cola, he was a management consultant for Deloitte & Touche Consulting.
Outside of his responsibilities at Vistra, Burke serves as a board member of the Nuclear Energy Institute, and an advisory board member for the Tulane University Energy Institute. He is also a member of the board for the United Way Foundation of Metropolitan Dallas and the Ursuline Academy of Dallas.
Burke is a graduate of Tulane University, earning a bachelor’s degree in economics and a master’s in business administration in finance and general management. He is a licensed certified public accountant and has also earned the designation as a chartered financial analyst.
Sano Blocker, senior vice president of government affairs: Blocker is responsible for public advocacy, policy and political affairs activities at Vistra. As senior vice president of government affairs, she oversees Vistra’s legislative policy initiatives and political strategy, and administration of the employees’ political action committees.
Previously, Blocker served a similar function as the senior vice president of state and local political affairs for Vistra’s predecessor, Energy Future Holdings. Before joining EFH in 2008, Blocker was executive director for EDS global government affairs, where she was responsible for political relations across the nation’s 50 states, leading a team of regional directors and political consultants.
Blocker serves as vice chair of the Association of Electric Companies of Texas and sits on the executive board of the Texas Taxpayers and Research Association. She is a member of the State Legislative Leaders Foundation Advisory Board and is a former board member of the NCSL Foundation of State Legislatures. Blocker also serves on the board of the World Affairs Council of Dallas/Fort Worth.
Blocker completed the “Leadership in the Global Enterprise” course through the Thunderbird School of Management as well as the executive management program at Southern Methodist University. She graduated from Texas Tech University with a bachelor’s degree in journalism and Spanish.
Amanda Frazier, senior vice president of regulatory policy: Frazier serves as senior vice president of regulatory policy, and is responsible for representing the company’s interests in the organized power markets and before state and federal agencies.
Prior to her current role, Frazier held roles with similar responsibilities for the company’s predecessor, Energy Future Holdings, which she joined in 2010.
She has a bachelor of arts from Baylor University and received her law degree from Vanderbilt University. Prior to joining the company, Amanda was an attorney in the Austin office of Bracewell & Giuliani LLP and the Dallas office of Hunton & Williams LLP.
Scott A. Hudson, president of Vistra Retail: Hudson serves as head of Vistra’s retail business, including president of TXU Energy, a market-leading competitive retail electricity provider, powering the lives of more Texans than any other retailer. Serving nearly 5 million residential, commercial, and industrial retail customers with electricity and gas, Vistra is the largest competitive residential electricity provider in the country and offers the most innovative products and services in the retail energy industry.
Hudson joined TXU Energy in 2011 and served as the company’s chief operating officer with responsibility for sales, marketing, product development, operations, and business technology organizations. Prior to joining TXU Energy, Hudson held senior leadership positions with MBNA America, ChoicePoint, and LexisNexis. He began his career as a commercial lawyer working in the energy industry for Troutman Sanders LLP, a highly respected international law firm.
Outside his responsibilities at Vistra, Hudson serves on the board of directors for the United Way of Metropolitan Dallas, the Dallas Regional Chamber, and the Dallas Children’s Theatre.
Hudson has a law degree from the University of North Carolina at Chapel Hill and earned his bachelor’s degree from Yale University.
Carrie Kirby, executive vice president and chief administrative officer: Kirby serves as executive vice president and chief administrative officer of Vistra, overseeing the functions of human resources, corporate affairs, corporate security and facilities management.
Prior to her current role, Kirby was the executive vice president of human resources for Vistra’s predecessor, Energy Future Holdings Corp., leading the human resources functions across EFH corporate and its subsidiaries, Luminant and TXU Energy. She was previously vice president of human resources at TXU Energy, where she was originally recruited in 2006 as a human resources director to support the power generation business in its construction and expansion efforts.
Prior to joining TXU Energy, Kirby was director of human resources at Delinea Corporation, a software services company targeting the energy industry. Before that, she was director of human resources for Netrake, a startup voice-over IP hardware development company. She began her career in the executive search business as a consultant for Ray & Berndtson, supporting the technology practice.
In addition to her service at Vistra, Kirby chairs the board of the Teaching Trust, an education policy and leadership development organization focused on developing urban school leaders. Kirby is also a member of the Patient Advocacy Committee for Presbyterian Hospital of Dallas and sits on the executive committee of the Women’s Business Council Southwest.
Kirby holds both a bachelor’s degree in marketing and a master’s of business administration from Texas Christian University.
Stephanie Zapata Moore, executive vice president and general counsel: As executive vice president and general counsel of Vistra, Moore advises the company’s leadership team on legal, regulatory and corporate governance matters, in addition to overseeing the corporate secretary’s office and leading the company’s legal and compliance team.
Prior to her current role, Moore served as vice president and general counsel of Luminant, a competitive power generation subsidiary of Vistra and its predecessor Energy Future Holdings. Moore’s primary responsibilities included coordination and delivery of all legal services for Luminant, including commercial matters, litigation, environmental advocacy, and regulatory compliance and counseling. In addition, she worked closely with other senior leaders to develop and implement the company’s strategy for addressing numerous environmental, permitting and other regulatory matters, including comments on proposed rulemakings, advocacy before relevant regulatory agencies, and representing the company’s position in litigation and administrative proceedings. She also oversaw contract administration and Luminant’s compliance program.
Prior to joining Luminant in 2005, Moore was an associate at Gardere Wynne Sewell LLP in the corporate and securities practice group, where she focused on mergers and acquisitions and private securities offerings. She also spent a year in the trial practice group at Gardere, where she represented clients in commercial litigation matters.
In addition to her responsibilities at Vistra , Moore serves as a member of the board of directors of AVANCE-Dallas, Inc. and Girls Inc. of Metropolitan Dallas, is an active member of Attorneys Serving the Community and is a past chair of the Corporate Counsel Section of the Dallas Bar Association. She co-chaired the EFH 2015 United Way Tocqueville membership campaign and is a 2013 graduate of the General Counsel Forum’s Institute for Leadership in the Law.
Moore received her undergraduate degree in English from Duke University and her law degree from William & Mary School of Law.
Steve Muscato, executive vice president and chief commercial officer: In his current role with Vistra, Muscato has responsibility for regional power desks (ERCOT, PJM, New York/New England, MISO, CAISO); origination and pricing; gas supply and optimization; fuels; and financial trading.
Muscato was previously chief commercial officer of Luminant, a competitive power generation subsidiary of Vistra, where his accountabilities included optimizing the dispatch and value of Luminant’s power generation fleet, managing the commodity (power, gas, and coal), transportation (rail), and emissions requirements for Luminant’s operating assets, and ensuring development of a distinctive point of view on commodity dynamics in critical markets and geographies.
Muscato held several positions at Luminant previously, including senior vice president of commercial operations, vice president of gas trading – North America, and vice president of East gas and power trading. Prior to joining Luminant, Muscato worked for National Fuel Gas and PacifiCorp from 1993 to 1998.
Muscato holds a master’s degree in electrical engineering from the University of Rochester, with several published papers on microprocessor design.
Board of Directors
Scott Helm, chairman of the board, has served on the board as Chairman since 2017. Helm is a private investor based out of Baltimore, Maryland. Previously, Helm was a founding partner of Energy Capital Partners, a private equity firm focused on investing in North American energy infrastructure. Prior to joining Energy Capital Partners, he served as Executive Vice President and Chief Financial Officer at Orion Power Holdings, Inc., a publicly traded company that owned and operated power plants. Helm began his career at Goldman, Sachs & Co., first working in the company’s fixed income division, then moving to the investment banking division. Helm also serves as treasurer on the board of the Chesapeake Shakespeare Company. He received a bachelor’s degree in business administration from Washington University.
Hilary E. Ackermann, chair of the sustainability and risk committee, has served on the board since 2018. Ackermann previously served on the board of Dynegy Inc. and joined the board in conjunction with the company’s acquisition of Dynegy. Previously, Ackermann was Chief Risk Officer with Goldman Sachs Bank USA from 2008 to 2011. Ackermann began her career at Goldman, Sachs in 1985 and served as Managing Director, Credit Department of Goldman, Sachs & Co., as VP, Credit Department, and as an Associate in the Credit Department prior to her role as Chief Risk Officer. Prior to joining Goldman, Sachs, Ackermann served as Assistant Department Head of the Credit Department of Swiss Bank Corporation (now known as UBS). Ackermann currently serves on the private board and audit committee, and serves as chair of the risk committee, of Credit Suisse Holdings (USA), Inc. She also currently serves on the private board and the audit committee, and serves as chair of the risk and compliance committee, of each of Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., The Hartford Mutual Funds, Inc. and The Hartford Mutual Funds II, Inc. Ackermann received a bachelor’s degree in Russian from Georgetown University.
Arcillia Acosta has served on the Board since 2020. Acosta has served as President and chief executive officer of CARCON Industries and Construction, a company specializing in commercial, institutional, and transportation construction, since 2000. Acosta is also President and controlling principal of Southwestern Testing Laboratories, a position she has held since 2003. She served as a director of LegacyTexas Financial Group, N.A. (“LegacyTexas”), a publicly traded bank holding company with an asset size of over $10 billion, from 2015 to 2019, when LegacyTexas merged with a private company. From July 2018 through February 2020, Acosta served as a director of ONE Gas Incorporated, one of the largest natural gas utilities in the U.S. In 2017, Acosta joined the public board of Magnolia Oil and Gas, an independent oil producer with assets located in South Texas. In 2021, Acosta joined the public board of Veritex Holdings, Inc., the holding company for Veritex Community Bank. Her prior board service includes 10 years as a director of Energy Future Holdings Corp. Acosta currently serves on the board of the Communities Foundation of Texas, is Chairman of the Texas Institute for Women in Leadership, and is Chairman-Elect of the Dallas Citizens Council. In March 2020, Texas Governor Abbott appointed Acosta to the Strike Force to Open Texas for COVID-19. Acosta received a bachelor’s degree in political science from Texas Tech University and is a graduate of the Harvard University Business School Corporate Governance Program.
Gavin Baiera, chair of the social responsibility and compensation committee, has served on the board since 2016. Baiera is a senior managing director and partner at Centerbridge Partners, L.P, which is a multi-strategy private investment firm focused on private equity, credit, and real estate. He previously served as a managing director at Angelo, Gordon & Co., where he was the global head of the firm’s corporate credit activities and portfolio manager for its distressed funds. Baiera was also a member of the firm’s executive committee. Prior to joining Angelo, Gordon in 2008, Baiera was the co-head of the strategic finance group at Morgan Stanley, which was responsible for all origination, underwriting, and distribution of restructuring transactions. Prior to that, Baiera worked at General Electric Capital Corporation, concentrating on underwriting and investing in restructuring transactions. Baiera has served on numerous boards of directors including, most recently, MACH Gen, Orbitz Worldwide, and Travelport Worldwide. He received a bachelor’s degree in economics and finance from Fairfield University and a Master of Business Administration from the University of Southern California.
Paul M. Barbas, chair of the nominating and governance committee, has served on the board since 2018. Barbas previously served on the board of Dynegy Inc. and joined the Board in conjunction with the Company’s acquisition of Dynegy. Barbas previously served as president and chief executive of DPL Inc. and its principal subsidiary, The Dayton Power and Light Company (DP&L), and he also served on the boards of DPL Inc. and DP&L. He also previously served as executive vice president and chief operating officer of Chesapeake Utilities Corporation, a diversified utility company engaged in natural gas distribution, transmission, and marketing, propane gas distribution and wholesale marketing, and other related services, and he was executive vice president of Allegheny Power. Barbas also served on the public boards of Pepco Holdings, Inc. and El Paso Electric, Inc. Barbas also serves as a volunteer at the Scorton Creek Game Farm, helping to maintain trails and conservation land overseen by the Massachusetts Division of Fisheries and Wildlife. Barbas received a bachelor’s degree in economics from College of the Holy Cross and a Master of Business Administration in finance and marketing from the University of Massachusetts.
Lisa Crutchfield has served on the board since 2020. Crutchfield is managing principal of Hudson Strategic Advisers, LLC, an economic analysis and strategic advisory firm to the energy, utility and government sectors since 2012. Prior to launching this consulting practice, she served as Executive Vice President and Chief Regulatory, Risk and Compliance Officer for the U.K.-based National Grid plc, a global energy provider, from 2008 to 2012. Crutchfield also served on the board of National Grid USA as an executive director. She has served in executive roles as Senior Vice President of Regulatory and External Affairs at PECO, an Exelon Company, from 2003 to 2008; Vice President and General Manager at TIAA-CREF, and Vice President of Energy Policy and Strategy at Duke Energy Corporation from 1997 to 2000. Crutchfield was appointed to the Pennsylvania Public Utility Commission as Vice Chairman in 1993 and served until 1997, earning the designation as an expert in liberalizing the electric and gas markets. She began her career as a commercial and investment banker. Crutchfield currently serves on the boards of two other publicly traded companies, Fulton Financial Corporation (NASDAQ: FULT) since 2014 and Unitil Corporation (NYSE: UTL) since 2012. Crutchfield also serves as an Advisory Board Member for Protect Our Power, an industry research organization that focuses on electric grid security, as a member of Main Street America Group Advisory Board, and Governance Advisor to IFM Infrastructure and as a member of the private board of Buckeye Partners. Additionally, Crutchfield is on the Leadership Council of the Kimmel Center of Performing Arts in Philadelphia, Pennsylvania. Crutchfield earned a bachelor’s degree in economics and political science from Yale University and a Master of Business Administration with distinctions in finance from Harvard Business School. Crutchfield is also a Leadership Fellow of the National Association of Corporate Directors.
Brian Ferraioli, chair of the audit committee, has served on the board since 2017. Ferraioli serves as an operating partner for Bernhard Capital Partners, a private equity firm. In February 2020, he was named the executive chairman and chairman of the board of Atlas Technical Consultants, Inc., a public company. Ferraioli previously served as executive vice president and chief financial officer of KBR, Inc., a global engineering, construction, and services company supporting the energy, petrochemicals, government services, and civil infrastructure sectors. Prior to KBR, Ferraioli was chief financial offer at The Shaw Group, Inc., an engineering, construction, and fabrication company serving the electric power generation and government services industries. Prior to that, Ferraioli worked 28 years in various finance and accounting functions with Foster Wheeler AG, a Swiss global conglomerate that provided design, engineering, construction, manufacturing, development, and plant operations. Ferraioli also serves on the board of Team, Inc., a public company, and previously served on the board of Charah Solutions, Inc., a public company. Ferraioli received a bachelor’s degree in accounting from Seton Hall University and received a Master of Business Administration from Columbia University and is a certified public accountant. Ferraioli is also a Leadership Fellow of the National Association of Corporate Directors.
Jeff Hunter has served on the board since 2016. Hunter has most recently acted as an independent financial and sector advisor to a number of investment firms on power related matters including Grafton Asset Management of Calgary and EnCap based in Houston, Texas. Hunter also serves as a senior adviser to the infrastructure team at Apollo Global Management. From 2016 to 2019, Hunter served as senior managing director for Quinbrook Infrastructure Partners, an investment company focused exclusively on lower carbon and renewable energy infrastructure investments, where he was a member of the Quinbrook investment committee and was responsible for deal origination, portfolio company oversight and asset management for all Quinbrook North America investments. Between 2013 and 2016, Hunter was a managing partner of Power Capital Partners, an energy focused investment firm. Previously, Hunter co-founded and served as executive vice president and chief financial officer of US Power Generating Company, a privately held merchant power company. Hunter also held leadership positions at PA Consulting Group and El Paso Merchant Energy. Hunter currently serves as an independent director of Pacific Drilling S.A. and as managing member of Waterloo Capital Management. Hunter received a bachelor’s degree in economics from the University of Texas.
Curt Morgan has served on the board since 2016. Morgan serves as the company’s chief executive officer, and previously served as President and chief executive officer from 2016 to December 2020. During his 35-year career, Morgan has held leadership responsibilities in nearly every major U.S. power market. Prior to joining the Company, Morgan was an Operating Partner at Energy Capital Partners, a private equity firm focused on investing in North American energy infrastructure. He previously served as the President and chief executive officer of both EquiPower Resources Corp. and FirstLight Power Resources, Inc. He has also held leadership positions at NRG Energy, Mirant Corporation, Reliant Energy and BP Amoco. In addition to his executive experience, Morgan previously served on the public board of directors of Summit Midstream Partners, LP and is the chair of the board of directors of the Electric Power Supply Association, the competitive power generation industry organization, is a member of the Business Roundtable and World50 organizations, and serves on the board of Comp-U-Dopt. A licensed certified public accountant, Morgan received a bachelor’s degree in accounting from Western Illinois University and a Master of Business Administration in finance and economics from the University of Chicago.
John R. “J. R.” Sult as served on the board since 2018. Sult previously served on the board of Dynegy Inc. and joined the board in conjunction with the company’s acquisition of Dynegy. Previously, he was executive vice president and chief financial officer of Marathon Oil Corporation and was executive vice president and chief financial officer of El Paso Corporation prior to that. Prior to joining El Paso, Sult served as vice president and controller of Halliburton Energy Services. Prior to joining Halliburton, Sult was an audit partner with Arthur Andersen LLP. Sult currently serves on the board and is chairman of the audit committee of Brigham Minerals, Inc., a public company, and previously served on the board of Jagged Peak Energy, Inc., a public company. Sult serves as a member of the Board of Directors, Executive Committee and Chairman of the Strategic Planning Committee of the Boys and Girls Country of Houston, Inc. Sult received a bachelor’s degree with special attainments in commerce from Washington & Lee University and is a licensed certified public accountant.